Incidents: The company released its 2012 annual report and achieved operating income of 314.9718 million yuan, a year-on-year decrease of 2.33%; operating profit of 484.45 million yuan, a year-on-year decrease of 29.26%, and net profit of 42.5779 million yuan, a year-on-year decrease of 30.08%. Earnings per share were 0.27 yuan, down 25% year on year. The current dividend is 1 yuan per 10 shares. Comment: 1. Last year's performance declined. The company's net profit that did not meet the conditions for unlocking equity incentives fell 23.7%, and the weighted average return on net assets was 5.96%, and none of the company's equity incentives draft assessment conditions were met: the company's net profit growth rate in 2012 was not less than 30% compared to 2011, and the company's weighted average return on net assets in 2012 was not less than 8.5%. The restricted stock and options repurchases of this equity incentive were cancelled. In terms of revenue by category, box-type substations declined by 5.23% due to the impact of last year's high-speed rail delays. Comparing data from last year's interim report, box-type substations fell 42.03% year on year in the first half of last year, and achieved revenue of 79.81 million yuan in the second half of last year, with a year-on-year growth rate of 40.4%. We can see the impact on the performance of the commencement of railway investment. The C-GIS ring network cabinet increased by 1.52%, while the data for the first half of the year was an increase of 25.99% over the previous year, mainly because the State Grid changed the bidding rules in the second half of the year, which required switch cabinet suppliers to have production qualifications for a full range of products, and are component manufacturers